ICICI Securities Ltd | Retail Equity Research Sagar Cement's results were above our estimates. Revenues increased 6.2% YoY to | 274.9 crore (vs. I-direct estimate of | 271.6 crore) in Q1FY19 mainly led by 19.1% YoY growth in volumes to 0.75 MT (vs. Idirect estimate of 0.75 MT). However, realisation declined 10.3% YoY to | 3,709/t (vs. I-direct estimate of | 3,644/t) EBITDA margin declined 316 bps YoY to 13.3% mainly led by higher freight cost (up 14.5% YoY) and raw material cost (up 55.8% YoY). However, EBITDA margins remained above our estimate of 12.7%...